Barrick launches legal proceedings against Blanchard

Wednesday, March 5, 2003

Toronto-based Barrick Gold (NYSE: ABX) has begun legal proceedings against US retail gold dealer Blanchard and Company. The suit, filed in the Ontario Superior Court of Justice, is related to what Barrick called a series of false and defamatory statements Blanchard and its CEO Donald Doyle have published since mid-December 2002.

Barrick, the world's third largest gold miner, is seeking US$100mn in damages, another US$100mn in punitive damages plus an injunction preventing Blanchard from repeating the claims and an order obliging the defendants to remove the accusations from websites.

Blanchard filed its own suit in December accusing Barrick of making billions of dollars by keeping the price of gold low and short selling the metal in collusion with investment bank JP Morgan Chase.

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